TORONTO, ON - March 21, 2016 /CNW/ - It is with great sadness that Scotiabank announces the passing of former President, CEO and Chairman Cedric Ritchie. Mr. Ritchie was President of Scotiabank from 1972 and CEO and Chairman from 1974 to 1995. He remained an honourary director of the Bank.

Mr. Ritchie was a financial services pioneer, introducing innovative new banking services to Canadians and expanding Scotiabank internationally -- groundbreaking at the time. Under Mr. Ritchie's leadership, Scotiabank expanded into more than 40 countries and grew to 33,000 employees. He was made an Officer of the Order of Canada for his extensive knowledge of banking and commerce in 1981. 

Mr. Ritchie was very active, serving on the boards of many organizations including Chairman of the Board at the Business Development Bank of Canada, Director of Burlington Resources, NOVA Corporation of Alberta, Concord Pacific Group, Canadian National Railway Company, Canada Life Financial Corp., Mercedes-Benz Canada, and The Canada Life Assurance Company. He was also a Fellow of the Institute of Canadian Bankers and is an inductee of both the New Brunswick and Canadian Business Halls of Fame. 

In recognition of his significant impact in Canadian business, he received honourary degrees from St. Francis Xavier, Dalhousie, University of New Brunswick, Mount Allison, and Queen's. 

Even in retirement, he remained an enduring presence at Scotiabank, continuing to work each day at his downtown office and regularly attending Scotiabank's Annual Meeting of Shareholders. Mr. Ritchie leaves a tremendous legacy, the impact of which can be found throughout Scotiabank's business today.

About Scotiabank

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of $920 billion (as at January 31, 2016), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using CNW. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.